Philippine EDC reports slightly reduced 9-mo profit

Ministry of Economy/All rights reserved.

November 13 (Renewables Now) - Philippine wind and geothermal power firm Energy Development Corp (PSE:EDC) reported a 3% drop in recurring net income attributable to equity holders of the parent (RNIA) for the first nine months of 2018, even though revenues improved.

RNIA contracted to PHP 6.4 billion (USD 112m/EUR 110m) from PHP 6.6 billion a year earlier. EDC noted that the company faced some PHP 3.8 billion in additional operating expenses (OPEX), mainly related to plant maintenance and well work-over activities.

OPEX is seen to decrease due to operational and other efficiency initiatives undertaken across the company.

EDC, a company with 1,200 MW of geothermal and 150 MW of wind power capacity, in addition to several more megawatts of other renewables, closed the first nine months of 2018 with a consolidated revenue of PHP 27.7 billion, up by 13% from the same period of 2017. CFO Nestor Vasay explained that company’s Unified Leyte plants had recovered to a full extent from the impact of Typhoon Urduja, and their generation volume is nearly matching that from a year ago. The overall generation volume of the company improved, with the Bacman, Tongonan and Palinpinon plants registering volume growth of some 15%, and the 150-MW Burgos wind farm output up by 21%.

At the end of September, EDC’s cash balance totalled PHP 19.3 billion.

(PHP 100 = USD 1.88/EUR 1.68)

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